Crossroads Systems Inc. and Subsidiaries Consolidated Balance Sheet (January 31, 2022)
Summary
Consolidated financial statements of Crossroads Systems Inc. and Subsidiaries for the quarter ended January 31, 2022. The balance sheet shows total assets of $2,179,556,956 at January 31, 2022, compared with $3,551,626,460 at October 31, 2021, including PPP loans receivable of $1,715,316,016 and a Federal PPP Liquidity Facility (PPPLF) liability of $1,754,169,806. Total revenues for the quarter were $63,096,065, including PPP administrative fees of $50,109,886, and net income was $40,931,373. The cash flow statement shows payments to the PPPLF of $1,378,396,526. Consolidating schedules break out Crossroads Systems, Inc., Capital Plus Financial, LLC and Rise Line Business Credit, LLC.
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“Crossroads Systems Inc. and Subsidiaries Consolidated Balance Sheet (January 31, 2022).”
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CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
JANUARY 31, 2022
January 31
October 31, 2021
2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 157,176,270 $ 278,984,781
Restricted cash 64,890,773 310,026,085
Interest receivable 12,297,009 15,254,327
Current portion of mortgage notes receivable 1,820,192 1,727,844
Current portion of commercial/other notes receivable 8,332,679 7,880,071
Inventory 10,636,939 10,212,770
Prepaid expenses and other current assets 475,569 1,110,164
Total current assets 255,629,431 625,196,042
MORTGAGE NOTES RECEIVABLE, net of current maturities and allowance of $0 130,285,200 130,281,822
COMMERCIAL/OTHER NOTES RECEIVABLE, net of current maturities and allowance of $0 50,378,399 8,533,246
PAYMENT PROTECTION PROGRAM ("PPP") LOANS RECEIVABLE, net of discounts and allowance of $0 1,715,316,016 2,759,667,440
INVESTMENT IN SOLAR TAX CREDIT FUND (Equity Method) 9,380,944 9,380,944
GOODWILL 18,566,966 18,566,966
TOTAL ASSETS $ 2,179,556,956 $ 3,551,626,460
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 298,652 $ 315,544
Accrued liabilities 227,741,696 269,448,624
Escrow liabilities 169,919 3,113,208
Income tax payable 39,718,363 28,725,428
Current portion of credit facilities 60,763,864 63,670,466
Current portion of other note payable 152,618 204,151
Current portion of acquisition notes payable 1,871,379 2,495,172
Total current liabilities 330,716,491 367,972,593
CREDIT FACILITIES, net of current maturities 39,411,042 36,451,501
OTHER NOTE PAYABLE, net of current maturities 941,903 940,083
ACQUISITION NOTES PAYABLE, net of current maturities 5,930,753 5,919,412
PPP LOAN PAYABLE 225,891 376,800
FEDERAL PPP LIQUIDITY FACILITY ("PPPLF") 1,754,169,806 3,132,566,332
DEFERRED TAX LIABILITY - 184,113
OTHER LONG-TERM LIABILITIES 543,580 558,425
TOTAL LIABILITIES 2,131,939,466 3,544,969,259
EQUITY
Common stock, $0.001 par value: 75,000,000 shares
authorized, 5,971,994 shares issued and outstanding 5,972 5,972
Additional paid in capital 4,076,797 3,889,086
Accumulated deficit 25,482,941 (15,289,637)
Crossroads Systems, Inc. stockholders' deficit 29,565,710 (11,394,579)
Non-controlling interests 18,051,780 18,051,780
TOTAL EQUITY 47,617,490 6,657,201
TOTAL LIABILITIES AND EQUITY $ 2,179,556,956 $ 3,551,626,460
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE QUARTER ENDED JANUARY 31, 2022
For the Three Months Ended
January 31, January 31,
2022 2021
REVENUES
Interest income $ 8,329,731 $ 3,269,907
Property sales 4,552,100 3,999,060
Payroll Protection Program (PPP) administrative fees 50,109,886 -
Other revenue 104,348 50,491
Total revenues 63,096,065 7,319,458
COSTS AND EXPENSES
Interest expense 3,388,489 1,402,949
Cost of properties sold 4,185,609 3,614,442
General and administrative 1,140,747 499,467
Paycheck Protection Program (PPP) processing fees 1,283,971 -
Salaries and wages 1,260,170 743,698
Management Bonus 0 -
Total costs and expenses 11,258,986 6,260,556
Income from operations 51,837,079 1,058,902
OTHER EXPENSES
Interest expense (96,884) (137,771)
Other expenses - -
Total other expenses (96,884) (137,771)
Income before income tax provision 51,740,195 921,131
INCOME TAX PROVISION (10,808,822) (112,445)
NET INCOME 40,931,373 808,686
Less: net income attributable to non-controlling interests (158,795) (157,500)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS $ 40,772,578 $ 651,186
Earnings (loss) per share:
Cash income attributable to common shareholders 51,581,400 763,631
Weighted average shaes outstanding 5,971,994 5,971,994
Cash income per share $ 8.64 $ 0.13
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED JANUARY 31, 2022
As of January 31, As of January 31,
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 40,931,373 $ 808,687
Adjustments to reconcile net income to net cash
used in operating activities:
Loss on derivative related activity - (105,702)
Stock based compensation 187,711 -
Amortization of deferred financing fees 31,188 -
Provision for income taxes 10,808,822 112,445
Changes in operating assets and liabilities:
Interest receivable 2,957,318 (89,782)
Notes receivable (Mortgage and commercial/other) (42,393,487) (786,596)
PPP loans receivable 1,044,351,424 -
Inventory (424,169) (647,439)
Prepaids and other assets 634,595 92,257
Accounts payable (16,892) 157,144
Accrued liabilities (30,728,838) (25,046)
Escrow liabilities (2,943,289) (2,620,158)
Income tax payable (10,992,935) -
Net cash used in operating activities 1,012,402,821 (3,104,190)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of Rise Line Business Credit, LLC, net of cash acquired - -
Cash paid for investment in solar tax credit fund (equity method) -
Net cash used in investing activities - -
CASH FLOWS FROM FINANCING ACTIVITIES
Preferred equity dividend distributions (158,795) (158,795)
Paycheck Protection Program loan (150,909) -
Borrowings on credit facilities (mortgage line) - 1,983,572
Principal payments on credit facilities (mortgage line) (374,234) (50,931)
Borrowings on credit facilities (inventory line) 2,752,674 2,688,385
Principal payments on credit facilities (inventory line) (2,325,501) (3,529,555)
Principal payments on other notes payable (49,713) (46,676)
Principal payments on acquisition note payable (643,640) (615,287)
Sale of participations in mortgage notes and other receivables - (99,213)
Payments to the PPPLF (1,378,396,526) -
Net cash provided by financing activities (1,379,346,644) 171,500
Net change in cash and cash equivalents and restricted cash (366,943,823) (2,932,689)
Cash and cash equivalents and restricted cash at beginning of period 589,010,866 5,131,110
Cash and cash equivalents and restricted cash at end of period $ 222,067,043 $ 2,198,421
SUPPLEMENTAL INFORMATION
Cash paid for interest $ 4,131,930 $ 1,796,383
Cash paid for income taxes $ - $ -
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
JANUARY 31, 2022
Crossroads Capital Plus Rise Line Business
Systems, Inc. Financial, LLC Credit, LLC Eliminations Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 52,199 $ 154,997,036 $ 2,127,035 $ - $ 157,176,270
Restricted cash - 64,890,773 - - 64,890,773
Interest receivable - 12,297,009 - - 12,297,009
Current portion of mortgage notes receivable - 1,820,192 - - 1,820,192
Current portion of commercial/other notes receivable - 370,244 7,962,435 - 8,332,679
Intercompany receivables - 304,602,816 - (304,602,816) -
Inventory - 10,636,939 - - 10,636,939
Prepaid expenses and other current assets 193,677 273,084 8,808 - 475,569
Total current assets 245,876 549,888,093 10,098,278 (304,602,816) 255,629,431
MORTGAGE NOTES RECEIVABLE, net of current maturities and allowance of $0 - 130,285,200 - - 130,285,200
COMMERCIAL/OTHER NOTES RECEIVABLE, net of current maturities and allowance of $0 - 50,378,399 - - 50,378,399
PPP LOANS RECEIVABLE - 1,715,316,016 - - 1,715,316,016
INVESTMENT IN SOLAR TAX CREDIT FUND (Equity Method) 9,380,944 - - - 9,380,944
GOODWILL 18,566,966 - - - 18,566,966
INVESTMENT IN SUBSIDIARY 40,134,750 - - (40,134,750) - -
TOTAL ASSETS $ 68,328,536 $ 2,445,867,708 $ 10,098,278 $ (344,737,566) $ 2,179,556,956
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ - $ 296,121 $ 2,531 $ - $ 298,652
Accrued liabilities 3,033,450 224,708,246 - - 227,741,696
Escrow liabilities - 169,919 - - 169,919
Income taxes payable 39,718,363 - - - 39,718,363
Intercompany payables 304,602,816 - - (304,602,816) -
Current portion of credit facilities - 60,763,864 - - 60,763,864
Current portion of other note payable - 152,618 - - 152,618
Current portion of acquisition notes payable 1,871,379 - - - 1,871,379
Total current liabilities 349,226,008 286,090,768 2,531 (304,602,816) 330,716,491
CREDIT FACILITIES, net of current maturities - 39,411,042 - - 39,411,042
OTHER NOTE PAYABLE, net of current maturities - 941,903 - - 941,903
ACQUISITION NOTES PAYABLE, net of current maturities 5,930,753 - - - 5,930,753
PPP LOAN PAYABLE - 225,891 - - 225,891
FEDERAL PPP LIQUIDITY FACILITY ("PPPLF") - 1,754,169,806 - - 1,754,169,806
OTHER LONG-TERM LIABILITIES - 543,580 - - 543,580
TOTAL LIABILITIES 355,156,761 2,081,382,990 2,531 (304,602,816) 2,131,939,466
EQUITY
Common stock, $0.001 par value: 75,000,000 shares
authorized, 5,971,994 shares issued and outstanding 5,972 - - - 5,972
Additional paid in capital 4,076,797 - 10,091,008 (10,079,046) 4,088,759
Accumulated earnings (deficit) (290,910,994) 346,434,233 4,739 (30,055,704) 25,472,274
Crossroads Systems, Inc. stockholders' equity/deficit (286,828,225) 346,434,233 10,095,747 (40,134,750) 29,567,005
Non-controlling interests - 18,050,485 - - 18,050,485
TOTAL EQUITY (286,828,225) 364,484,718 10,095,747 (40,134,750) 47,617,490
TOTAL LIABILITIES AND EQUITY $ 68,328,536 $ 2,445,867,708 $ 10,098,278 $ (344,737,566) $ 2,179,556,956
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE QUARTER ENDED JANUARY 31, 2022
Crossroads Capital Plus Rise Line Business
Systems, Inc. Financial, LLC Credit, LLC Eliminations Total
REVENUES
Interest income $ - $ 8,128,059 $ 201,672 $ - $ 8,329,731
Property sales - 4,552,100 - - 4,552,100
PPP administrative fees - 50,109,886 - - 50,109,886
Other revenue - 96,594 7,754 - 104,348
Total revenues - 62,886,639 209,426 - 63,096,065
COSTS AND EXPENSES
Interest expense - 3,388,489 - - 3,388,489
Cost of properties sold - 4,185,609 - - 4,185,609
General and administrative 173,956 935,592 31,199 - 1,140,747
PPP processing fees - 1,283,971 - - 1,283,971
Salaries and wages 187,711 898,971 173,488 - 1,260,170
Management bonus - - - - -
Total costs and expenses 361,667 10,692,632 204,687 - 11,258,986
Income (loss) from operations (361,667) 52,194,007 4,739 - 51,837,079
OTHER INCOME (EXPENSES)
Other Income - - - - -
Interest expense (96,884) - - - (96,884)
Total other income (expenses) (96,884) - - - (96,884)
Income (loss) before income tax provision (458,551) 52,194,007 4,739 - 51,740,195
INCOME TAX PROVISION (10,808,822) - - - (10,808,822)
NET INCOME (LOSS) (11,267,373) 52,194,007 4,739 - 40,931,373
Less: net income attributable to non-controlling interests - (158,795) - - (158,795)
NET INCOME (LOSS) ATTRIBUTABLE TO
CONTROLLING INTERESTS $ (11,267,373) $ 52,035,212 $ 4,739 $ - $ 40,772,578
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